The Cost of Living and Mortgage Affordability

The Cost of Living and Mortgage Affordability: a young mixed-race couple reviewing household finances and mortgage options on a laptop at home, with budgeting and cost-management icons in a blue branded layout.

The cost of living crisis reduced the financial room available to many UK mortgage borrowers during 2023. UK inflation reached 8.7% in April 2023. Food prices, household bills and borrowing costs remained under significant pressure. At the same time, Bank Rate reached 4.5%. This increased costs for variable-rate borrowers and many homeowners approaching a new mortgage […]